As the dollar continued its downward trend on European money markets, bankers and foreign exchange dealers in the United States reported above-average activity for this time of the year.
GV: Central State Bank in New York.
SV INTERIOR: people at bank counter changing money (2 shots)
CU: cashier counting dollars and handing them to customer
CU: customer checking wad of dollars.
CU: Perera Foreign Exchange vice-president John Flynn speaking.
GV; New York stock Exchange building.
TV INTERIOR: floor activity inside stock exchange (2 shots)
CU: Sales Vice President of brokers, Cowen and Company, Frederick Lowey speaking.
"Some people have indicated that there are buying the foreign currency now for their trips during the summer period. They said that they were buying it because they're afraid that the dollar will continue to weaken, and it will cost them much more for their European trip."
LOWEY: "The decline of the dollar, as well as the decline of the economy in the United States, is a factor that is caused by the Carter administration. I think it is the most inept administration that we have had in this country for many years, and, they simply don't know that they're doing. They have no idea, nothing is happening. If you look back at the Carter administration for the last year and two months, nothing has happened, nothing went through Congress. The Energy programme didn't work, the tax thing didn't work, Carter and his Georgia boys have really fouled up the whole damn thing, and I think this is what causes the problem that is primarily responsible for the decline of the Stock Market."
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Background: As the dollar continued its downward trend on European money markets, bankers and foreign exchange dealers in the United States reported above-average activity for this time of the year. The rush to buy foreign currency was headed by Americans due to travel to Europe, who are wary that the dollar could fall even further during the next few weeks.
SYNOPSIS: At the central State Bank in New York, customers were taking no chances on the dollar. Their lack of confidence followed the currency's record lows on the German and Swiss exchanges on Wednesday and Thursday (1 and 2 March).
Vice-President of Perera's Foreign Exchange market, John Flynn, explained the rush...
The weakening of the dollar also had its effects on the New York stock exchange, where the Dow Jones industrial index dropped more than fourteen points during early trading on Thursday (2 March). This trend was reversed later in the day, and stock prices began moving up, although the dollar did not. Sales Vice President of stock analysts Cowen and Company, Frederick Lowey, says the current situation can be blamed on the Carter Administration...